Onslow Co. purchases a used machine for $192,000 cash on January 2 and readies it for use the next day at a $10,000 cost. On January 3, it is installed on a required operating platform costing $2,000, and it is further readied for operations. The company predicts the machine will be used for six years and have a $23,040 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of.

Required:

1. Prepare journal entries to record the machine's purchase and the costs to ready and install it. Cash is paid for all costs incurred.

- Record the purchase of a used machine for $192,000 cash.

- Record the costs of $10,000 incurred on the used machine.

- Record the cost of $2,000 for an operating platform.